Charleston, SC Real Estate Has Gone Wild!
What's going on?
Charleston, SC Real Estate Has Gone Wild!
This past week set an all-time weekly record for the number of properties going under contract (525), beating the previous record of 497 (that we had set 3 weeks ago) by 5%. That's an incredible level of buyer demand!
May was the busiest month ever in Charleston real estate history! And it beat the previous record (from last year) by over 10%!
What's going on?
This is great news for home sellers, because inventory (supply) is drastically down! You are selling into an under-supplied market and buyer demand has gone bonkers!
I can think of two obvious factors causing this phenomenon:
- After spending two months in lockdown, every buyer who would have normally bought in Feb-Mar-Apr is now more than ready to buy (pent-up demand); and,
- Mortgage interest rates hit an all-time low last week. So even though home prices are steady/rising, buying a home is a lot more affordable.
[One important thing to mention is that real estate behaves hyper-locally. What is happening at the Charleston, SC Metro Area level may not be what you are experiencing in YOUR neighborhood.]
Curious about what’s going on in your area? Schedule a free 15-minute online chat via Zoom - we’ll show you the stats and home prices in your neighborhood! bit.ly/BUYSELLVIRTUAL
MY CRYSTAL BALL
Other Coronavirus-induced trends that I believe we are going to see for a while:
a) People who live in apartments/condos want to buy a home with a yard, so they can enjoy some risk-free outdoors with their family and pets. Many are looking for a pool (or room to build one in the future), so they don't have to share the community pool. We will see some migration from inner city to suburbia.
b) Movement of families deciding to move city to be closer to their family! With many people able to work from home, location becomes irrelevant (as long as they have high-speed internet).
c) Many buyers are looking for a larger home that includes a home office (so they can work remotely from home), and sometimes a mother-in-law suite, where parents can age in place and not in an assisted living facility.
d) Home renovations and additions are going to boom, as many people realized they better improve their homes to be able to spend more time in it.
What are your thoughts??
Thinking of taking advantage of this “HOT Seller’s Market”?
Schedule a free 15-minute online chat via Zoom - we’ll show you the stats and home prices in your neighborhood! bit.ly/BUYSELLVIRTUAL
Or call/text 843-900-0155.
